历史证明，西方资本结构理论缺乏普遍的解释力。
History proves that western capital structure theory is short of universal explanation.
本文首先引述和分析了西方资本结构理论和公司治理理论。
This paper first quotes and analyzes the Western capital structure theory and corporate governance theory.
关于资本结构的问题一直是国内外学者研究和讨论的热点问题，经过长期的探讨，西方资本结构理论已经比较完善。
The problem of capital structure has been studying and discussing by the scholars both at home and abroad. Now the theorises on the capital structure is relatively perfect at abroad.
资本结构理论是西方财务学中最具挑战性的理论之一。
Capital structure theory is one of the most challenge theories in western finance research.
经过长期的理论探讨，西方的资本结构理论已经相对完善，而我国的资本结构研究还处于起步阶段。
Through the theory discussion for a long time, the western capital structure theory has been already relatively perfect, and the capital structure in China is studied at the starting stage.
西方的财务学者将信息不对称理论用于资本结构、股利政策及代理成本，业已取得了一些成果。
Western financial scholars introduced information asymmetry into capital structure, dividends policy and agency cost, and obtained some achievements.
介绍了西方国家资本结构理论，回顾了国内外关于资本结构影响因素的实证研究成果，为下文的研究作铺垫。
It introduces the theory of capital structure in western countries, reviews the empirical research of factors in capital structure at home and abroad, which paves the way for the following study.
这与西方经典的资本结构理论中的啄食顺序理论相反，产生了啄序悖论。
This kind of preference is contrary to one of the western classic capital structure theories- the pecking order.
资本结构问题在西方已经形成了一套比较成熟的理论，可为本文的分析研究提供一定的理论依据。
The issue of capital structure has been developed into a mature theory in the west countries, which lays the basis for this essay.
本文在国外资本结构理论的基础上，将西方公司与中国公司的资本结构特点进行比较，从内因和外因两个方面解释了中国上市公司负债比率偏低的现象。
Based on theories and comparison between Western Country and China, this thesis analyzes the low debt equity ratio phenomenon existing in Chinese enterprises from the internal and external aspects.
本文在国外资本结构理论的基础上，将西方公司与中国公司的资本结构特点进行比较，从内因和外因两个方面解释了中国上市公司负债比率偏低的现象。
Based on theories and comparison between Western Country and China, this thesis analyzes the low debt equity ratio phenomenon existing in Chinese enterprises from the internal and external aspects.
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